Which of the following characteristics distinguishes oligopoly from other market structures?
a. a horizontal demand curve
b. a downward-sloping demand curve
c. production of homogeneous outputs
d. production of differentiated outputs
e. interdependence among firms in the industry
E
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According to this Application, home equity is the single largest component of net wealth for most families in the United States. As home equity falls
A) autonomous consumption will decrease, shifting the consumption function downward. B) the MPC will decrease, increasing the slope of the consumption function. C) autonomous consumption will decrease, shifting the consumption function upward. D) the MPC will decrease, decreasing the slope of the consumption function.
When a home builder decides to computerize all of its production schedule, it directly answers the ________ question
A) for whom B) what C) where D) how E) why
Refer to Table 4-3. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is $30, Marko's will produce
A) 0 shirts. B) 1 shirt. C) 3 shirts. D) 4 shirts.
Real labor income is given by ________
A) MPL × L B) labor share of income × labor productivity × labor C) labor share of income × output D) all of the above E) none of the above